IBBI (Information Utilities) (Amendment) Regulations 2021. Quarterly publication of statistics of debt related information

IBBI (Information Utilities) (Amendment) Regulations 2021. Quarterly publication by information utility of statistics of debt related information in its possession.

An Information Utility(IU) stores financial information that helps to establish defaults as well as verify claims expeditiously and thereby facilitate completion of transactions under the Code in a time bound manner.

INSOLVENCY AND BANKRUPTCY BOARD OF INDIA

NOTIFICATION

New Delhi, the 13th April, 2021

Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021

No. IBBI/2021-22/GN/REG072.—In exercise of the powers conferred by section 196 read with section 240 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), the Insolvency and Bankruptcy Board of India hereby makes the following regulations further to amend the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, namely:-

1. (1) These Regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2021.

(2) These Regulations shall come into force on the date of their publication in the Official Gazette.

2. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, (hereinafter referred to as the principal regulations), in regulation 15, in sub-regulation (3), after clause (b), the following clauses shall be inserted, namely:―

(ba) minimum service quality standards, including timelines for –

(i) registration of users,

(ii) issuance of record of default, and

(iii) issuance of annual statement to registered users.

(bb) adoption of quality standards and quality standards certifications.”

“(1) A user, who has submitted information in Form C of the Schedule to an information utility, shall submit the information updated as on the last day of every month, in the first week of following month:

Provided that information of default shall be updated within seven days of occurrence of default.”

4. In the principal regulations, after regulation 36, the following regulation shall be inserted, namely:-

“36A. Publication of statistical information –

(1) An information utility shall publish statistics relating to debt related information in its possession, quarterly.

(2) The statistics in sub-regulation (1) shall provide distribution of debts in terms of currency, geography, sector, size, tenor, type, lending arrangement, and incidence of default.”

5. In the principal regulations, in the Schedule, for Form C, the following Form shall be substituted, namely:-

“FORM C
Under regulation 20 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
(Note: Information may be accepted in this Form with necessary modifications as the information utility deems fit.)

……………………………………………………………………………

……………………………………………………………………………

Dr. M. S. SAHOO, Chairperson

[ADVT.- III/4/Exty./39/2021-22]

Note : The Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 were published vide notification No. IBBI/2016-17/GN/REG009 dated 31^st March, 2017 in the Gazette of India, Extraordinary, Part III, Section 4, No. 129 on 31^st March, 2017 and were last amended by the Insolvency and Bankruptcy Board of India (Information Utilities) (Amendment) Regulations, 2020 published vide notification No. IBBI/2020-21/GN/REG065, dated the 13th November, 2020 in the Gazette of India, Extraordinary, Part III, Section 4, No. 488 on 13^th November, 2020.

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